Most personal injury claims settle before reaching the trial stage. This is because it is in the best interest of both parties to negotiate an equitable deal. But, this does not mean the insurance companies will not try to take advantage of you.
Make sure to hire an Indiana car accident lawyer as soon as possible following an accident. This will protect your rights and will guarantee that you will not make a mistake with your claim.
Out of the several things that you have to deal with during settlement negotiations, the first injury settlement offer is something people have no idea what to do with. This is why you need to know the following.
Injury Settlement Offers Before Claims
In several cases, a settlement offer is made before you even file the injury claim. This is done by insurance companies to try to settle things as fast as possible.
What should be remembered about this deal is that it is usually much lower than it should be. The goal of the insurance adjuster is usually to see if you are willing to fight and go for more. It is very rare that this offer is fair.
The Person Making The Settlement Offer
Settlement offers are made by the insurance company of the defendant or by the defendant. When there is little insurance available to cover liability, the plaintiff should think about whether or not the defendant can actually pay damages during the trial. When there are not many assets or not much cash available, you cannot gain much and you might have no option but to settle faster.
When there is insurance in place, it is the insurance company that is usually controlling everything. Plaintiffs do not have to worry about running into a driver who does not have money to pay. Insurance companies do not run out of cash and they can pay the right amount.
As you analyze the settlement offer, you have to think about insurance policy limits. Everything over the limit needs to be paid by the defendant. Once again, when there is not much money or assets available, obtaining the maximum from the insurance company is the only thing you can obtain.
Don’t Forget About Timing
When the injury settlement offer is made is important. For instance, if your attorney is not present and your case is not built by gathering all relevant facts, the representative of the insurance company will surely make a very low offer. If the adjuster realizes that the plaintiff wants a fast compensation since cash is needed, unfortunately, the offer can be a lot lower.
When you meet with the insurance adjuster after you build your claim with the help of an attorney, there is a much higher possibility that the settlement offers you receive are reasonable. At the very least, you are going to be offered payments to cover all the bills that you present. Then, discussions should be done in regards to what cannot be directly quantified, like pain and suffering.